Ga. Senate candidate Nunn releases tax info

ATLANTA (AP) Democrat Michelle Nunn this week released five years of federal tax returns as she awaits the winner of a July 22 runoff between Republicans Jack Kingston and David Perdue for Georgia's open Senate seat.

To gain insights into the candidates' personal finances, The Associated Press requested access to the last 10 years of tax returns of the major candidates in the race. Perdue released 10 years of returns ahead of the May 20 primary, while Kingston provided access last month to five years.

The filings, which span from 2009 to 2013, show Nunn's income as the CEO of the nonprofit Points of Light provided the bulk of the family's income. Nunn's husband, Ron Martin, manages the family's investments, which also provided a steady stream of income.

The couple's total income ranged from $224,500 in 2009 to a high of about $346,000 in 2012. Last year, the couple's total income was just over $191,000, as Nunn took a leave of absence after deciding to run for the Senate seat. That year, they claimed about $68,200 in itemized deductions and paid about $26,000 in taxes, or about 13.6 percent of their total income.

In 2012, the couple claimed about $66,800 in itemized deductions and paid just over $84,400 in taxes, or about 23.5 percent of their total income.

The federal tax filings made available by the Nunn campaign were only the first two pages and did not include more detailed information, such as a breakdown of charitable deductions or capital gains. Both Perdue and Kingston released their complete returns.

The Nunn campaign said the couple made just over $34,000 in charitable contributions over the five-year period, but an annual breakdown was not available.

The couple listed assets valued at between $1.2 million and $3 million in a personal financial disclosure filed with the Senate. Those assets were concentrated largely in investment funds and individual stock with several parcels of land in Glynn County also listed. The couple reported an interest in the Nunn family farm in Perry. From 2010 through 2013, Nunn and her husband reported on their tax returns about $148,000 in losses, which her campaign attributed to capital investments in the farm.

The Georgia Senate race is among a dozen being watched nationally as Republicans make a push to take control of the Senate. Nunn is the daughter of former Sen. Sam Nunn, a moderate Democrat who represented Georgia for years.